distressed sales in arizona

INTEREST RATES CREATE NEW LOWS FOR 2014!!

INTEREST RATES CREATE NEW LOWS FOR  2014

January 27th, 2014

Interest rates continued their hot streak ahead of the FED statement on Wednesday.  Mortgage interest rates pushed to new lows in 2014 with the stock markets having a big sell off and investors transferring money into safer investments.

This improvement in rates could be temporary depending on if the stock markets bounce back.  I would strongly recommend locking as these are the lowest rates I have seen in close to 2 months.

The Federal Open Market Committee (FOMC) will release a statement on Wednesday that will likely have a major impact on rate pricing.  Experts are still torn on whether the FED will keep current bond purchasing levels or reduce them another 10 million.     

If the FED reduces its bond purchasing again, expect to see rates bounce back higher.  

Have a great week!!

BEST VALUE OF THE WEEK:

20 Year Fixed at 4.125% with 0 points

10 Year Fixed at 3.25% with 0 points

TODAY’S RATES:

30 year fixed:     4.25% – 1 point,     4.5% – 0 points,     4.625% – $0 costs

20 year fixed:   4% – .92 points,     4.125% – 0 points,     4.375%  – $0 costs

15 year fixed:   3.375% – .73 points,     3.5% – 0 points,     3.75% – $0 costs

10 year fixed:   3% – .95 points,     3.25% – 0 points,     3.5% – $0 costs

5/1 ARM:   2.875% – .86 points,     3.125% – 0 points,     3.375% – $0 costs

7/1 ARM:    3.25% – .78 points,     3.5% – 0 points,     3.75% – $0 costs

30 year fixed FHA:     3.75% – .46 points,     3.875% – 0 points,     4.125% – $0 costs

15 year fixed FHA:    3.25% – 0 points     3.625% – $0 costs

30 year fixed VA:     3.75% – .43 points,    3.875% – 0 points,    4.25% – $0 costs

Today's Interest Rates - January 27th, 2014

Today’s Mortgage Interest Rates.  Current Mortgage Interest Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado.  Arizona Home Loans, California Home Loans, Colorado Home Loans.  Arizona refinance, California refinance, Colorado refinance.  Scottsdale, Arizona Mortgage Banker in McCormick Ranch.  McCormick Ranch Loan Officer.  Mortgage Rate Sheets for fixed mortgages, ARM mortgages, Variable Mortgages, Interest Only Mortgages, HARP mortgages, HARP 2.0 mortgages, DU Refi Plus Mortgages, Freddie Mac Open Access Mortgages, Fannie Mae Home Path Mortgage, Freddie Mac Foreclosure Relief Mortgage, VA mortgages, VA Interest Rate Reduction Loans, FHA mortgages, FHA streamline refinance mortgages, Conforming mortgages, Conventional Mortgages, 100%  Financing Mortgage, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages, No appraisal refinance, 0 point mortgages, 0 closing cost mortgages, paying a point mortgages, Refinance mortgages, purchase mortgages, and Jumbo Mortgages.  January 26 2014 mortgage rates, January 27 2014 mortgage rates, January 28 2014 mortgage rates, January 29 2014 mortgage rates, January 30 2014 mortgage rates, January 31st 2014 mortgage rates, February 1st 2014 mortgage rates, February 2nd 2014 mortgage rates.

Interest Rates create new lows for 2014

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HOME VALUES RISING ACROSS MARICOPA COUNTY

HOME VALUES RISING ACROSS MARICOPA COUNTY:

May 2nd, 2012

Statistics continue to show that home values are starting to recover across Phoenix and Maricopa County.

Low inventory and high demand are pushing up values.  Many buyers are finding the need to put in offers quickly, as a home can have multiple offers the first day on the market.  This is also creating higher value offers, as a buyer would like to distinguish their offer from the others.  Offers over listing price are not uncommon.   

It may be a more difficult process finding a home in this market, but rates are great, and values trending up will only help our market in the future.

In comparing March of 2012 versus March of 2011, the value per square foot in Maricopa County went up 15%!!

We are also seeing less and less bank owned sales, which are typically for lower prices as the bank would like to get the property off their books. 

Lender owned sales are down 53% from March of 2011 to March of 2012.

Short Sales are up 51%.

Even though short sales are up, the total amount of distressed property sales are down 42%.  And the total amount of non distressed sales are up 32%.

This combination of low inventory, high demand, and less distressed property sales are pushing values back up in Maricopa County.

Home Values Rising Across Maricopa County.

BANKS ACCEPTING MORE SHORT SALES IN MARICOPA COUNTY, ARIZONA

BANKS ACCEPTING MORE DISTRESSED SALES IN MARICOPA COUNTY

March 2nd, 2012

When the housing bubble first burst in Arizona, most banks were taking back delinquent properties versus working with home owner’s to sell their property at a loss. 

Recent statistics show that banks are more and more likely to accept a short sale or sell the home at an investor auction versus taking back a delinquent home.  This is encouraging for homeowners exploring a short sale, as data suggests that there is a higher likelihood of a short sale going through.   

There are many benefits to a short sale – the most important one being that most short sales include a clause where the homeowner is no longer responsible to repay the bank.  When a home is foreclosed upon and taken back, the bank can come after you for a numbers years if they should choose to do so.

STATISTICS FOR DISTRESSED SALES AND TAKE BACKS IN MARICOPA COUNTY:

In 2011, There were 62,156 distressed title transfers

34,634 were short sales or investor sales   /   27,522 were properties taken back.

In 2010, There were 67,208 distressed title transfers

28,490 were short sales or investor sales   /   38,718 were properties taken back by the bank.

In 2009, There were 60,682 distressed title transfers

20,065 were short sales or investor sales   /   40,797 were properties taken back by the bank.

As more and more banks are willing to accept short sales, delinquent homeowners should attempt to work on a short sale versus giving the property back.  In most cases, a homeowner will get a check for closing a short sale and they do not have to worry about the bank coming after them in the future for losses incurred.

*data obtained from Fletcher Wilcox at Grand Canyon Title Agency.

BANKS ACCEPTING MORE SHORT SALES IN MARICOPA COUNTY, ARIZONA

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